Nationwide have changed their mind?

buvleen_2

Hi all,

I just needed to find out if anyone has had this happen because I'm in a soul-crushing position right now and need to feel out to somebody!

Last month Nationwide agreed to lend me a certain amount in my decision in principle, which all went smoothly. Once I found my dream flat and a price was agreed, the official application with them went very smoothly too. I signed everything, shook hands, then the survey was booked (for 1 month away)

Now, I have just found out, a day before the survey, that they have changed their mind with how much they can lend me after reviewing my case - and by a very significant amount!

Can they do this!? I am lost of words!
Now, not only can I not find the rest of the money that they're cutting me short of, because I moved all of my bank accounts over to them, plus the mortgage application, my credit score is shot to bits, so I'll most likely lose the flat and wont be able to look again for months until my score is back up!

I just need to find out if this is possible and has this happened before!?

Yorkie1

The new rules on mortgage assessment have probably been introduced in the interim.

Have you taken out any more credit in this period?

How much is the property? Your salary? The deposit? Any late payments or other issues on your credit records?

buvleen_2

Yorkie1 wrote: »

The new rules on mortgage assessment have probably been introduced in the interim.

Have you taken out any more credit in this period?

How much is the property? Your salary? The deposit? Any late payments or other issues on your credit records?

Can they still 'change their minds' even though my application was approved a month ago?

This is the only credit I've applied for since.

the property is 175000, salary is 25000 deposit is 60000

I've never missed a payment on anything really!

Yorkie1

Yes, they can change their minds at any point up until completion.

So, you're applying for 4.6x salary. Do you have any dependents?

spidercrab

I feel for you buvleen - Nationwide accepted me for remortgage a few months back and I completed all the documents with their legal reps. Unfortunately, I was waiting on a signature for something from my ex husband and the offer expired. I reapplied a few days later and they turned me down. I may now lose my home because of the new rules they have brought in. To say I am fed up and distressed is an understatement. However, I do have an excellent broker who is doing everything possible to get me a deal with another lender but I am not happy. You are certainly not alone - that may make you feel a bit better, but I doubt it!

stephenni1971

buvleen wrote: »

Can they still 'change their minds' even though my application was approved a month ago?

This is the only credit I've applied for since.

the property is 175000, salary is 25000 deposit is 60000

I've never missed a payment on anything really!

Your application was not approved a month ago. you got a decision IN PRINCIPLE.

You are now being assessed under the much stricter MMR rules - you may need to look at other lenders as they criteria change from one to the next.

If you haven't already done it best speak to a GOOD adviser ( ie: not someone in a bank or building society - they dont advise )

[Deleted User]

ywamer wrote: »

I got offered 5x (however this is reduced by any debt you have) by Halifax so you could try there? Also brokers can help find you mortgages which you wouldnt find yourself. I can put you in touch with one if you want?

Wow. 11 posts in less than an hour, all offering the services of a broker.

brenda10

spidercrab wrote: »

I feel for you buvleen - Nationwide accepted me for remortgage a few months back and I completed all the documents with their legal reps. Unfortunately, I was waiting on a signature for something from my ex husband and the offer expired. I reapplied a few days later and they turned me down. I may now lose my home because of the new rules they have brought in. To say I am fed up and distressed is an understatement. However, I do have an excellent broker who is doing everything possible to get me a deal with another lender but I am not happy. You are certainly not alone - that may make you feel a bit better, but I doubt it!

Hope all turns out good for you and soon.

buvleen_2

spidercrab wrote: »

I feel for you buvleen - Nationwide accepted me for remortgage a few months back and I completed all the documents with their legal reps. Unfortunately, I was waiting on a signature for something from my ex husband and the offer expired. I reapplied a few days later and they turned me down. I may now lose my home because of the new rules they have brought in. To say I am fed up and distressed is an understatement. However, I do have an excellent broker who is doing everything possible to get me a deal with another lender but I am not happy. You are certainly not alone - that may make you feel a bit better, but I doubt it!

That's horrible. I hope things will work out for you.

I've turned to a broker too who has helped me a lot already. I'll no way get the amount I could have got before these new rules, but at least I won't get messed around as much.

spidercrab

Thanks Brenda10 and buvleen for your comments. Still had no joy from my broker but keeping my fingers crossed - I find a nice bottle of wine is taking the edge off things! Not feeling entirely confident about getting the mortgage now - it seems the computer decides these days whether we can actually afford the repayments. Good luck buvleen - keep us posted with your progress.